Citi upgrades Live Nation despite Taylor Swift ticket sale controversy

Citi upgraded Live Nation stock and stated it sees a low chance of breakup despite calls for an antitrust investigation after controversy erupted over Taylor Swift concert ticket sales.

Video Transcript

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DAVE BRIGGS: All right, time now for "Triple Play," three stocks we're watching in the final 30 minutes of trading. Today we've got Live Nation, Pinduoduo, and DraftKings. Josh Schafer joining us today. My play is Live Nation Entertainment. Despite being under fire for the debacle surrounding Taylor Swift ticket sales, shares are up today after Citi upgraded the stock from neutral to buy and suggested there's an 80% chance the company will not be forced to split up Live Nation and Ticketmaster.

Now, just last week, US senators with antitrust oversight announced they'll soon hold a hearing looking into competition in the live ticketing industry. Senator Amy Klobuchar writing that Ticketmaster continues to abuse its market positions. Even ahead of that, the DOJ had announced a probe into Ticketmaster. However, it was Citi analyst Jason Bazinet, who said there's a 20% chance they are broken up. Bazinet did, though, lower his price target to $82. Still, though, that implies a 30% upside.

Now, Live Nation was up more than 2 and 1/2% when I picked this stock. It has since come back down to Earth and is almost flat at the moment. So there goes my narrative, but still down more than 40% year to date. Point is, he doesn't think there's much of a chance of breaking these two up, Jared.

JARED BLIKRE: I don't think so. Protestations, protests from the people in my life who love Taylor Swift-- I don't get enough of this. Just $1,000, $2,000 for tickets in a different city--

DAVE BRIGGS: It was a nightmare. It was a disaster. They are going to have to go to Capitol Hill, I assure you that.

JARED BLIKRE: Yes. All right--